Germany's constitutional court in Karlsruhe announced this morning that it will publish its ruling on the requests for injunctions against the ESM on Sept. 12. This is not yet the ruling on the main challenges filed there, which the court is expected to examine for at least nine months if not a full year, the minimum standard procedure for such cases.

Sept. 12 would thus be the earliest possible date for the ESM to go into effect, if the ruling should go against the injunctions, but the original timetable of the government which wanted the ESM to go into effect on July 1, has been thrown off considerably, anyway.